Parabilis Is Now the Largest VC-Backed Biotech IPO

Parabilis Medicines just broke the record for the largest venture-backed biotech IPO, only weeks after Kailera Therapeutics took the crown. Stock in the cancer biotech company closed its first day of trading at $31.60 per share—58% above the IPO price of $20.00. The company raised gross proceeds of around $670 million.

Kailera was formed in 2024 and quickly stockpiled private capital before going public. Parabilis took a longer, far less linear road. Founded as FogPharma in 2017, the firm raised six venture rounds. Its valuation fluctuated through a rebrand, leadership turnover, and the post-pandemic biotech winter. Parabilis’ lead drug candidate, zolucatetide, boosted the company’s momentum last year. This engineered peptide is designed to shut off a faulty signal that tells certain rare tumors to keep growing, and it could potentially be used to treat other cancers.

After an FDA Fast Track designation in late 2025, Parabilis raised a $305 million Series F round in January this year. An Orphan Drug designation and Regeneron collaboration laid further groundwork for the record IPO, which debuted on the Nasdaq Global Select Market.

The biotech IPO window is open again, and the rush of deals isn’t hype; it’s a backlog of strong companies that kept building through the funding downturn and are now finally going public. While the pandemic-era class sold preclinical promises, Parabilis and its 2026 peers have real clinical programs behind them.